The screen shot is from the “dash board” in our MLS. I have posted these before. It is a real estate snap shot of the last 7 days. It is pretty easy to see why the inventory of homes on the market is staying so low. The number of homes that have “pended” or have offers on them and are probably going to close is higher than the number of homes that were listed.
There are actually fewer than 300 homes on the market in St. Paul that do not have offers on them. This is good news for sellers but maybe not good news for buyers. There are people who are waiting to sell but they won’t until they find a home to buy.
We seem to be in a kind of holding pattern. Most of my clients who are sellers during the last six months have been people who were selling a home or condo that they had been renting out. Often these sellers live out of state, are over 55 and I never actually meet them in person. In every case the home was sold to someone who is living in it rather than renting it out. Usually the desire to sell is triggered by a tenant moving out and owners who do not wish to find a new tenant.